For further information click on the headings below.
Revised SIP9 (Scotland) issued – Payments to Insolvency Office Holders and Their Associates
The authorising bodies and the Insolvency Service have approved a revised version of SIP9(Scotland). The SIP has been prepared on the basis that the principles are stated followed by key compliance standards. This SIP comes into effect for all appointments on or after 1 June 2012. The revised SIP can be accessed here
Payment Protection Insurance (PPI) - Mis-selling of claims and bankruptcy
The Insolvency Service has published information for individuals who may have been mis-sold payment protection insurance but have yet to make a claim. This can be accessed by clicking here.
Scottish Government Consultation on Bankruptcy Law Reform
A consultation on Bankruptcy Law Reform was issued on 24 February 2012 by the Scottish Government. The consultation which contains far reaching issues, seeks views on a broad spectrum of proposals to reform the law of bankruptcy in Scotland. However the key issue of how a debtor's home should be treated in all forms of bankruptcy is not addressed.
Insolvency practitioners and stakeholders are strongly urged to engage in the consultation process by submitting a response. The consultation closes on Friday 18 May 2012.
A copy of the consultation can be accessed by clicking here
ICAS Consultation submissions
ICAS submissions on the undermentioned consultations can be accessed by clicking here:
- DBIS Call for evidence on the effectiveness of TUPE Regulations 2006
- Protected Trust Deeds - Improving the Process
- Consultation on the reform of the process to apply for bankruptcy and compulsory winding up
Further advice on the "Paymex" decision re: voluntary arrangements
Guidance on the practical implications of the "Paymex" decision has been agreed by the Recognised Professional Bodies and R3. A copy of the guidance can be accessed by clicking here.
Government response to consultation on reform to the regulation of insolvency practitioners
Ed Davey, Minister for Employment Relations, Consumer and Postal Affairs has announced the Government's response to the consultation on reforms to the regulation of insolvency practitioners.
The response and summary of consultation responses can be accessed by clicking here.
Guide to the practical implications on trust deeds of the "Paymex" decision
Following the decision in Paymex Limited v. The Commissioners for Her Majesty's Revenue and Customs ICAS sought an opinion on the application of said decision to trust deeds. The Opinion confirms that the decision does apply to Trust Deeds. Guidance has been developed to assist insolvency practitioners and can be accessed by clicking here.
ICAS Style Trust Deed Document
ICAS Insolvency Permit holders were notified on 22 December 2011 that urgent changes have been made to the ICAS Style Trust Deeds (issued on 19 November 2011 amended 11 February 2011). Details of the correction, accompanying guidance and copies of the revised ICAS Style Trust Deeds can be accessed by clicking here.